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Support in Enforcing Regulations Governing Savings and Credit Unions in WAEMU Countries (AARCEC-UEMOA)
Project / Program Summary

I. Basic data

Sector(s): Private sector
Title: Support in Operationalizing Legal Regulations Governing Savings and Credit Unions in WAEMU Countries (AARCEC-UEMOA)
Donor country: Canada CIDA
Other donors / organizations involved:
Recipient countries / regions: WAEMU Countries
Executing agencies in recipient countries / regions: Développement international Desjardins (DID)
Duration: 5 years The project is scheduled to end in July 2003.
Starting Date: Started up in October 1997
Project / Program budget: Cdn$5,455,000 from CIDA
Finance / Type of cooperation: Contribution - Technical assistance

II. Project / program description

AARCEC is a country-focus project designed by DID in response to a request from BCEAO [Central Bank of the West African States]. Its objective is to support the member countries of WAEMU (Benin, Burkina Faso, Côte; d'Ivoire, Mali, Niger, Senegal, Togo, and recently Guinea-Bissau) in enforcing new regulations governing savings and credit unions. This includes the Cooperatives Act, its implementing order, and a master agreement for non-cooperative institutions. The project started up in October 1997. Memorandums of understanding have been signed with eight WAEMU countries in 1998.

  1. Objectives
    The objective of the project is to give nationals of West African Economic and Monetary Union (WAEMU) countries access to appropriate savings and credit services offered by recognized institutions, with a high level of security for depositors.
  2. Activities / contents
    Goals of the project: i) in the finance ministry of each WAEMU country, to support the implementation and operation of sustainable mechanisms to efficiently perform the functions devolved by regulations governing savings and credit unions and other DFCs [development finance corporations]; ii) at the sub-regional level, to assist in coordinating and harmonizing the practices of cooperative savings and credit institutions, as well as corresponding mechanisms for their supervision.
  3. Expected outcomes / impacts
    At two levels: a) BCEAO and finance ministries of WAEMU countries ensure the enforcement of new regulations; b) there is dialogue and coordination among all stakeholders, and harmonization of the practices of both cooperative networks and monitoring units in applying the new regulations.
  4. Features in line with the Agenda for Action
    • "Poverty reduction through accelerated economic growth and sustainable development, and further integration of Sub-Saharan African economies into the global economy".
    • Economic development (private-sector development, industrial development, agricultural development, reduction of external debt)

III. Contact point:

CIDA Africa and the Middle East Branch
Pan African and Francophonie Program (BFT): Alison Wested 994-4194

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